Managing Money Overseas

Taking money overseas is a much discussed topic, and something to really think about before your trip. There are a lot of options, all of which have pros and cons and instead of their being a best option its more of a case of choosing what suits your needs and the type of trip your going on.

Personally, when coming to Australia I brought cash which I had exchanged in England, my travel currency card and also set up an Australian bank account mainly because I had to, however for anyone planning a long trip with the possibility of working this is a good option.

Cash
I would always recommend taking some cash in the local currency with you, regardless of the length of the trip. It's always good incase of emergencies, and can cover the cost of a taxi to your hotel or for those small unexpected purchases where they don't accept cards, or its an embarrassingly small amount a card seems ridiculous. Shop around for your cash, try and get the best exchange rate with limit fees.

Currency Card
A must have in my opinion, I personally use Caxton FX who offer brilliant exchange rates and you are able to switch to different currencies easily, perfect if your travelling to multiple countries. I know some people dislike currency cards, so research which one you choose well and what suits you best. You don't want one that charges you large amounts, or don't give you very good exchange rates. My card isn't just preloaded, I continue to put money onto the card from my English bank account I also have no fees at ATM's or when purchasing things by card, and can use it anywhere master card is accepted meaning its a global card, expected almost everywhere.

Debit Cards
Some bank accounts, offer travel accounts attached to your usual bank account with lower fees than your usual credit or debit card. However some cards just have very low international fees, I never pay with my Barclay card but I do have my own credit card which I have with me whenever I am traveling, for emergencies only. Real emergencies, as in this is a card I aim not to use because if I do there has been a major crisis.

Local Bank Account
Obviously this only applies to a very small proportion of travellers, but if your planning on spending a lot of time in one country especially if you are working setting up a bank account is much easier. Meaning you can be paid straight into this and don't have to worry about constantly loading up your currency card.